HOW DO I TRANSFER FUNDS?
An investment fund transfer consists of redeeming funds and then immediately enrolling them in the new investment fund, whether between funds with the same management company or between different ones. You can transfer a fund in its entirety or just a specific number of shares. New shares subscribed shall retain the value and date of purchase of the transferred shares. The transferred capital is not taxable, so you only pay tax when you sell them.
Requirements:
- The origin and destination funds must have the same ownership. If the fund to be transferred has multiple owners, the rest of the owners must sign the relevant documents and none of them can be deceased.
- Only resident natural persons may transfer investment funds.
- The shares of the source fund may not be pledged or subject to any other charge.
How do I request a transfer?
You can transfer your investment funds through Digital Banking.
If the transfer is between funds of the same management company, you can do it through Digital Banking. You only have to indicate the origin and destination funds and the amount to transfer.
If the transfer is between funds of different management companies, the process is somewhat more complex and can take approximately 8 working days. In this case, you must request the transfer in person at the destination institution, indicating the origin fund and the amount to transfer. In special circumstances (foreign institutions, real estate funds, etc.), the process can take even longer.
Transfers can be made between investment funds, between Variable Capital Investment Companies, or between funds and Variable Capital Investment Companies. In these cases, you must go to a member of the Stock Exchange to give the order to buy and/or sell the shares, as the case may be. Furthermore, you will have to send the corresponding enrollment or redemption order to the management company if one of the institutions involved is a fund.
